Podcast
Questions and Answers
What is the major function of insurance?
What is the major function of insurance?
- Ensuring that everyone pays the same premium
- Achieving a spread of risk (correct)
- Providing financial assistance to the insured
- Guaranteeing profits for the insurance company
How does insurance contribute to the basis of credit system?
How does insurance contribute to the basis of credit system?
- It creates more risk for lenders
- It frees up credit and protects the investments of lenders (correct)
- It restricts consumer access to credit
- It increases uncertainty for lenders
What is one of the benefits of insurance in relation to worry and entrepreneurship?
What is one of the benefits of insurance in relation to worry and entrepreneurship?
- It allows people to cover large uncertain future losses and reduces anxiety (correct)
- It eliminates the need for insurance altogether
- It increases anxiety about future losses
- It discourages entrepreneurship
What role do insurers play in terms of employment and investment capital?
What role do insurers play in terms of employment and investment capital?
How is risk defined in the context of insurance?
How is risk defined in the context of insurance?
What is the other name for 'property and casualty' insurance?
What is the other name for 'property and casualty' insurance?
Which type of insurance provides protection when insureds are financially responsible for injury or damage they cause to others?
Which type of insurance provides protection when insureds are financially responsible for injury or damage they cause to others?
Which type of insurer is owned by its policyholders, with the main goal to provide policyholders with insurance at as low a cost as possible?
Which type of insurer is owned by its policyholders, with the main goal to provide policyholders with insurance at as low a cost as possible?
What is the most common method used by insurers to sell their products?
What is the most common method used by insurers to sell their products?
Which type of insurer's ownership rests in the shareholders, whose main purpose is to derive profit from their investments?
Which type of insurer's ownership rests in the shareholders, whose main purpose is to derive profit from their investments?
Which type of insurer involves federal and provincial governments in providing various insurance plans?
Which type of insurer involves federal and provincial governments in providing various insurance plans?
Which system involves the brokerage being paid a commission by the insurer on all the business it writes?
Which system involves the brokerage being paid a commission by the insurer on all the business it writes?
What is the primary incentive for stock companies in providing insurance?
What is the primary incentive for stock companies in providing insurance?
What does liability insurance provide protection for?
What does liability insurance provide protection for?
Which type of insurance represents more than 50% of all property and casualty premiums in Canada?
Which type of insurance represents more than 50% of all property and casualty premiums in Canada?
What is the primary purpose of insurance, as described in the text?
What is the primary purpose of insurance, as described in the text?
Which aspect is NOT identified as an important point in the analysis of the definition of insurance?
Which aspect is NOT identified as an important point in the analysis of the definition of insurance?
What is one of the benefits of insurance in relation to worry and entrepreneurship?
What is one of the benefits of insurance in relation to worry and entrepreneurship?
Which type of insurer's ownership rests in the shareholders, whose main purpose is to derive profit from their investments?
Which type of insurer's ownership rests in the shareholders, whose main purpose is to derive profit from their investments?
What does liability insurance provide protection for, according to the text?
What does liability insurance provide protection for, according to the text?
How does insurance contribute to the basis of credit system, as mentioned in the text?
How does insurance contribute to the basis of credit system, as mentioned in the text?
Which type of insurance represents the second largest source of premiums to insurers?
Which type of insurance represents the second largest source of premiums to insurers?
What other name is given to the area of insurance known as 'property and casualty (P&C) insurance'?
What other name is given to the area of insurance known as 'property and casualty (P&C) insurance'?
Which system involves the brokerage being paid a commission by the insurer on all the business it writes?
Which system involves the brokerage being paid a commission by the insurer on all the business it writes?
What is the primary incentive for stock companies in providing insurance?
What is the primary incentive for stock companies in providing insurance?
Which type of insurer is owned by its policyholders, with the main goal to provide policyholders with insurance at as low a cost as possible?
Which type of insurer is owned by its policyholders, with the main goal to provide policyholders with insurance at as low a cost as possible?
Which type of insurance provides protection when insureds are financially responsible for injury or damage they cause to others?
Which type of insurance provides protection when insureds are financially responsible for injury or damage they cause to others?
What type of risk is defined in the context of insurance?
What type of risk is defined in the context of insurance?
Which type of insurer's ownership rests in the shareholders, whose main purpose is to derive profit from their investments?
Which type of insurer's ownership rests in the shareholders, whose main purpose is to derive profit from their investments?
What is one of the benefits of insurance in relation to worry and entrepreneurship?
What is one of the benefits of insurance in relation to worry and entrepreneurship?
What does liability insurance provide protection for?
What does liability insurance provide protection for?
